This writ petition is filed seeking a writ of Mandamus to direct the respondent to release a sum of Rs.4,29,000/- with cumulative interest of 13.5% to the petitioner, which was hold for the recovery of educational loan (Education Loan Account No.30513267506) from the petitioner's monthly pension/retirement benefits, which were lying in his S.B.A/c.No.20154678470, within the time stipulated by this Court.
2.The case of the petitioner is that the respondent bank sanctioned educational loan for a sum of Rs.3,00,000/- to his son for studying B.E. (ECE) Course at Kumarasamy College, Karur and he paid interests for the same through Account No.30513267506. Now, without getting consent from him, a sum of Rs.4,24,000/- and a sum of Rs.5,000/-, lying in his account bearing Account No.20154678470 have been set hold, by the respondent bank. Therefore, the petitioner is before this Court.
3.Today, when the matter is taken up for hearing, both the parties mutually agreed to have the matter settled with the proposal of one time settlement relating to educational loan granted on the application of the son of the petitioner.
4.Recording the same, this Court, directs the petitioner to go before the respondent bank and submit his proposal for one time settlement, within a period of six weeks from the date of receipt of a copy of this order and on such submission, the respondent bank shall pass appropriate orders after affording due opportunity of hearing to the petitioner, within a period of four weeks, thereafter.
5.The writ petition is disposed of as above. No costs.
6.Post the matter for reporting compliance on 12.12.2017.
To The Branch Manager, State Bank of India, Manaparai Branch.
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